Business/economics
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
Output is rising fast in the South American shale play and putting Argentina on a course to soon reach 1 million B/D.
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Forty-four percent of oil production and 30% of natural gas production remain shut in as operators return workers to offshore platforms. Production from undamaged facilities are being brought back online once all standard checks are completed. Facilities with damage may take longer to bring back up. -
The majority of energy firms surveyed by the Federal Reserve Bank don’t expect the business environment to significantly improve until 2022 or 2023.
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The deal includes Sandvik’s exploration rigs, consumables, production stock, and selected trademarks and patents.
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Hurricane Delta leads to shut-ins of 92% oil and 60% gas production in GOM as landfall is expected today.
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GOM production shut-ins increased to 80% of the oil and 49% of natural gas. Hurricane Delta weakened from a category 4 storm to a category 2 storm on Wednesday and is expected reach the US Gulf later in the week.
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The merger will effectively end the 86-year run of UK independent oil producer Premier Oil and give rise to one of the largest companies operating in the North Sea region.
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The acquisition of Weir’s lines of pumps, consumable parts, wellhead, and pressure-control products expands Caterpillar’s well-service capabilities.
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Hurricane Delta is expected to hit Mexico’s Yucatan Peninsula on Wednesday and reach the US Gulf later in the week. Twenty-nine percent of the current oil production and 9% of natural gas production in the Gulf of Mexico is shut in.
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With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.
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The latest updates on the North American shale sector’s efforts to consolidate and restructure.
